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Home My WebLink About~Master - Second Amendment to Development Agreement with Townhomes at Creekside LLLP Construction of 38 LIHTC Multi-Family Housing Units on Lot 27 in Baker Subdivision RESOLUTION NO. 24-264 RESOLUTION APPROVING THE SECOND AMENDMENT TO THE DEVELOPMENT AGREEMENT WITH TOWNHOMES AT CREEKSIDE,LLLP,IN CONJUNCTION WITH THE CONSTRUCTION OF 38 LOW-INCOME HOUSING TAX CREDIT (LIHTC)MULTI-FAMILY HOUSING UNITS ON LOT 27 IN THE BAKER SUBDIVISION FOR THE CITY OF AMES, IOWA WHEREAS, on March 28, 2023, the City Council approved the option agreement for the sale of Lot 27 to Townhomes at Creekside, LLLP (affiliated with the Hatch Development Group), in conjunction with a development agreement for a low-income housing tax credit (LIHTC) application for multi-family housing development within the Baker Subdivision. Within that agreement, the City committed to provide $1.8 million of its HOME Entitlement funding (not including administration), towards the cost of construction of the multi-family units; and, WHEREAS, on July 1, 2023, Townhomes at Creekside,LLLP was notified that its LIHTC application was awarded. The application is to construct 38 multi-family units on Lot 27 in the Baker Subdivision. Staff has worked with Townhomes at Creekside, LLLP, to finalize the project design, number of low-income bedroom unit distributions, and other City code and LIHTC award requirement. The final review resulted in requests to amend the agreement to address changes related to the geothermal system. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the Second Amendment to the Development Agreement with Townhomes At Creekside, LLLP, in conjunction with the construction of 38 Low-Income Housing Tax Credit (LIHTC) multi-family housing units on Lot 27 in the Baker Subdivision is hereby approved. ADOPTED THIS 14th day of May, 2024. Renee Nall, City Clerk John A. Haila, Mayor Introduced by: Beatty-Hansen Seconded by: Betcher Voting aye: Beatty-Hansen, Betcher, Gartin, Junck, Rollins Voting nay: None Absent: Corrieri Resolution declared adopted and signed by the Mayor this 14th day of May, 2024.